Alloy Development is approaching a major milestone at its flagship project, 505 State Street in Downtown Brooklyn, where leasing has surged toward full occupancy. The development, part of the mixed-use Alloy Block, offers a compelling snapshot of resilience in Brooklyn’s high-end rental market amid shifting dynamics in New York City real estate.
Located at the intersection of Flatbush Avenue and State Street, the 44-story tower opened leasing less than a year ago and now reports over 95% of its 441 units leased, a notable feat as the city continues to digest pandemic-era migration patterns and economic headwinds.
“We set out to build something that would set a new standard in sustainability and design for Brooklyn. The response has been incredible,” said Alloy CEO Jared Della Valle in a statement.
Design, Sustainability, and Urban Integration
505 State Street, designed by Alloy in partnership with the architecture firm Marvel, reflects the firm’s mission to develop with purpose. The tower is part of the broader Alloy Block redevelopment, which combines residential, educational, and commercial uses into a pedestrian-friendly, transit-oriented community. The building is fully electric and meets rigorous energy efficiency standards, aligning with New York City’s Local Law 97 goals.
The property’s unit mix ranges from studios to three-bedroom apartments, complemented by over 40,000 square feet of amenities including co-working spaces, fitness facilities, and landscaped outdoor areas. Residents are steps from Atlantic Terminal, multiple subway lines, and cultural institutions such as BAM and the Barclays Center.
Brooklyn Rental Market Resilience
The near sell-out of 505 State comes amid rising competition in Brooklyn’s luxury rental sector, where new developments in Williamsburg, Fort Greene, and Gowanus are also racing to capture post-pandemic demand. However, Downtown Brooklyn has emerged as a standout submarket due to its transportation access and zoning advantages.
According to a recent report from MNS Real Estate, Downtown Brooklyn saw average rents rise nearly 6% year-over-year in Q1 2025, outpacing other parts of the borough. The robust leasing activity at 505 State reinforces investor confidence in Brooklyn as a stable, long-term bet.
The Future of the Alloy Block
505 State is just the first phase of Alloy’s broader plan for the Alloy Block. The next phase includes a second residential tower at 100 Flatbush Avenue, which will house additional market-rate and affordable apartments as well as a new public school, currently under construction.
Together, the completed Alloy Block is projected to deliver over 850 housing units, two schools, and substantial retail and community space—a model of vertically integrated, sustainable urbanism that seeks to redefine development in Brooklyn.
As other developers weigh luxury offerings against affordability mandates and climate compliance, Alloy’s early leasing success at 505 State underscores the appetite for thoughtfully designed, environmentally conscious living in the heart of the borough.
Sources: The Real Deal, MNS Real Estate, YIMBY, Alloy Development
